Careers and Employment

Careers and Employment

INSURANCE INDUSTRY EMPLOYMENT

The insurance industry is a major U.S. employer, providing some 2.4 million jobs that encompass a wide variety of careers, from human resource administrators to public relations managers to financial analysts. Some jobs, such as claims adjusters, actuaries and insurance underwriters, are unique to the insurance industry. For further information consult the Bureau of Labor Statistics’ Occupational Outlook Handbook, which includes these entries:
         Actuaries
         Claims adjusters appraisers examiners and investigators
         Insurance sales agents
         Insurance underwriters
In 2013, there were 1.6 million women employed in the insurance sector, accounting for 59.4 percent of the 2.4 million workers in the insurance industry, according to the U.S. Bureau of Labor Statistics. (Further information on women in insurance follows the Employment in Insurance table below.)

For an analysis of employment trends by I.I.I. President, Dr. Robert P. Hartwig, see I.I.I.’s report on insurance industry employment trends.

 

EMPLOYMENT IN INSURANCE, 2004-2013

(Annual averages, 000)

  Insurance carriers Insurance agencies, brokerages and related services  
  Direct insurers (1)            
Year Life, health
and medical
Property/
casualty
Reinsurers Total Insurance
agencies
and brokers
Other
insurance-
related
activities (2)
Total Total
industry
2004 767.3 691.2 29.8 1,488.3 645.6 233.6 879.2 2,367.5
2005 764.9 652.1 28.8 1,445.7 652.5 240.7 893.2 2,338.9
2006 790.6 649.1 28.0 1,467.7 662.4 249.0 911.4 2,379.1
2007 787.1 647.0 27.0 1,461.1 677.8 252.7 930.5 2,391.6
2008 800.8 646.7 27.9 1,475.4 671.6 258.1 929.6 2,405.1
2009 802.8 632.9 27.5 1,463.2 653.3 254.2 907.4 2,370.6
2010 804.1 614.3 26.8 1,445.2 642.3 253.1 895.5 2,340.6
2011 788.9 611.6 25.6 1,426.1 649.2 261.1 910.3 2,336.4
2012 811.3 599.5 25.7 1,436.4 659.6 272.3 931.8 2,368.3
2013 812.1 597.1 27.0 1,436.2 664.4 278.8 943.2 2,379.4

(1) Establishments primarily engaged in initially underwriting insurance policies.
(2) Includes claims adjusters, third-party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

View Archived Tables

 

WOMEN IN INSURANCE

Women have comprised about 60 percent of the insurance industry workforce in each year from 2004 to 2013, according to the Current Population Survey (CPS), an annual survey of business establishments in private industry conducted by the Bureau of Labor Statistics (BLS). In 2013, there were 1.6 million women employed in the insurance sector, accounting for 59.4 percent of the 2.6 million workers in the insurance industry, according to the BLS.

The percentage of women varies widely by occupation, according to the CPS. The percentage of women workers in selected insurance occupations ranges from 45.2 percent of insurance sales agents to 81.0 percent of insurance claims and policy clerks in 2013. In 2013, women accounted for 47 percent of all workers, based on households in the CPS survey.

 

WOMEN IN INSURANCE, 2013

Occupation Total employed (000) Percent of women in that occupation
Insurance sales agents 602 45.2%
Claims adjusters, appraisers, examiners and investigators 329 63.3
Insurance claims and policy processing clerks 287 81.0
Insurance underwriters 94 63.6
Actuaries 28 (1)

(1) Data not shown where base is less than 50,000.

Source: U.S. Bureau of Labor Statistics, Current Population Survey.
http://www.bls.gov/cps/cpsaat11.htm

View Archived Tables

 

 

PERCENT OF FEMALE WORKERS IN THE U.S. WORKFORCE AND SELECTED INSURANCE OCCUPATIONS, 2013

Source: U.S. Bureau of Labor Statistics, Current Population Survey.

View Archived Graphs

 

DIVERSITY IN THE WORKPLACE

The Bureau of Labor Statistics has information on diversity in the workplace by industry, including insurance, at http://www.bls.gov/cps/cpsaat18.htm. It has information on diversity by occupation, including insurance sales agents, claims adjusters, insurance claims and policy processing clerks, insurance underwriters and actuaries posted at http://www.bls.gov/cps/cpsaat11.htm.

HOME WORKERS

In 2010, 5.8 million, or 4.3 percent, of the U.S. workforce worked the majority of the week at home, an increase of about 1.6 million workers since 2000, according to an October 2012 report from the U.S. Census Bureau. The percentage of all workers who worked at least one day at home increased from 7.0 percent in 1997 to 9.5 percent in 2010. The data are reported in Home-Based Workers in the United States: 2010, which contains findings from the Survey of Income and Program Participation and the American Community Survey. Key findings include:

  • Metro areas in the Southeast, Southwest and West had the largest percentage of workers who worked from home.
  • Although nearly half of home-based workers were self-employed, government workers saw the largest increase in home-based work over the last decade. Home-based workers increased 133 percent among state government workers and 88 percent among federal government workers. There was a 67 percent increase in home-based work for employees of private companies.
  • About one in 10 people who worked exclusively from home were 65 and older in 2010.
  • About one-fourth of home-based workers were in management, business and financial occupations.
  • Home-based workers in computer, engineering and science occupations increased by 69 percent between 2000 and 2010.